# Table 12: 5-Year Lagged Demographics on Key Dependent Variables

| Variable | Lag5: ca | Lag5: gross_assets | Lag5: income_balance | Lag5: debt_assets | Contemp: CA |
|:---|---:|---:|---:|---:|---:|
| Z_1_lag5 | -17.2243 | -67.0896 | 19.2688 | -11.0542 | |
| | (12.3486) | (320.9679) | (15.5721) | (123.4229) | |
| Z_2_lag5 | 2.8558 | 23.7446 | -3.2669 | 8.6441 | |
| | (1.8780) | (50.5472) | (2.3780) | (19.3587) | |
| Z_3_lag5 | -0.1241 | -1.3244 | 0.1451 | -0.5453 | |
| | (0.0773) | (2.1431) | (0.0981) | (0.8174) | |
| Z_1 | | | | | 3.0076 |
| | | | | | (12.1877) |
| Z_2 | | | | | -0.2553 |
| | | | | | (1.8274) |
| Z_3 | | | | | 0.0036 |
| | | | | | (0.0744) |
| fiscal_bal_gdp | 0.5228*** | -0.1892 | 0.0590** | -0.2578** | 0.5224*** |
| | (0.0347) | (0.2841) | (0.0273) | (0.1129) | (0.0347) |
| nfa_gdp_lag | 0.0943 | -17.2388*** | -0.7120*** | -6.6012*** | 0.1015 |
| | (0.2242) | (2.7290) | (0.2209) | (1.0798) | (0.2242) |
| log_rel_opw | 2.2748*** | -32.0394*** | -2.9668*** | -14.7148*** | 2.2554*** |
| | (0.3961) | (10.3731) | (0.5023) | (3.9208) | (0.4058) |
| kaopen | 0.0120 | 4.0653 | 0.2356 | 3.0729*** | -0.0180 |
| | (0.1888) | (2.9453) | (0.2047) | (1.1601) | (0.1904) |
|:---|---:|---:|---:|---:|---:|
| Dep var | ca_gdp | gross_assets_gdp | income_balance_gdp | debt_assets_gdp | ca_gdp |
| N | 4406 | 4540 | 3907 | 4540 | 4406 |
| R² | 0.1863 | -0.0697 | 0.1180 | -0.0767 | 0.1853 |
| Countries | 162 | 164 | 150 | 164 | 162 |

*Panel GLS with AR(1) errors. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*